Economy of Cyprus

Cyprus' Minister of Energy, Commerce and Industry Giorgos Papanastasiou praised the expanding momentum in Cypriot export activity, stressing that in 2023 exports rose by an annual 38%, continuing their steady rising trend in recent years.

Scope Ratings has upgraded Cyprus' credit rating to A- from BBB+, marking the country's first A-level rating from a major credit agency.

The Central Bank of Cyprus (CBC) has released its 2023 Financial Stability Report, stating that Cyprus' financial sector remains strong and capable of handling unexpected challenges. Despite this resilience, it emphasizes the need for banks to show greater social responsibility in their pricing and business operations, especially given current economic pressures.

The International Monetary Fund has raised its forecast for Cyprus' economic growth in 2024 from 2.7% to 3.3%.

This updated prediction comes from the IMF's October World Economic Outlook report released on Tuesday.

Cyprus' trade deficit dropped by 17% to 4.31 billion euros for the period of January to July compared to €5.19 billion in the respective period of last year, according to preliminary data published by the Statistical Service of Cyprus (CyStat). 

The Cypriot economy registered a robust growth rate of 3.6% in the second quarter of 2024 compared to the same period in 2023, according to figures released on Monday by the Cyprus Statistical Service (CyStat).

After adjusting for seasonal variations and working days, the growth rate is estimated at 3.7%. 

The first investments by the Cyprus Equity Fund, set up by the Cypriot government in cooperation with the European Investment Fund (a subsidiary of the European Investment Bank) and with a total budget of 37.5 million euros, are expected to begin this fall, so as to cover the financial gap in the fields of entrepreneurship and innovation.

Almost all of the productivity growth in Cyprus' economy over the past three years can be attributed to the information and communication technology (ICT) sector, according to the third Competitiveness Report of the Cypriot Economy released by the Cyprus Economy and Competitiveness Council (CEC).

Sklavenitis Cyprus has announced the integration of Papantoniou Supermarkets into its network. This move strengthens Sklavenitis' presence in Cyprus, bringing its total number of stores to 27, while retaining 769 jobs.

Cypriot banks are urging a combination of government and regulatory policies to achieve a healthy, effective and optimal green transition.

Banks stress their key role in this transition, emphasizing that while they should make significant financial contributions, the government must also align its policies with the banks to facilitate the green transition.